Lancaster shopping centre bought by retail group

The 160,000 sq ft St Nicholas Arcade in Lancaster has been acquired by Frasers Group.

The shopping centre sits in the centre of Lancaster, and with an annual footfall of almost four million visitors, is home to a variety of major UK high street tenants.

Frasers Group launched as a single shop in Maidenhead in 1982. Today it operates in 20 countries with more than 1,500 shops in the UK, including the Sports Direct brand which it owns.

Michael Murray, CEO of Frasers Group plc said: “At Frasers, we have always been strong believers in physical retail, and this acquisition demonstrates our ongoing commitment to supporting brick-and-mortar in the UK.

"By acquiring key retail sites, we are able to unlock new growth opportunities and revitalise high streets across the country, delivering unparalleled shopping experiences for consumers. This acquisition is also another step in developing our property segment, which is set to deliver significant long-term value for the group.”